Saturday May 25, 2019
Home Business Indian Compan...

Indian Companies Invested Over $4 Billion in South Africa, says CII

According to the report, leading Indian companies such as Wipro, state-run Coal India, Cipla, Jindal Steel and Power, Mahindra and Mahindra have recently made investments in South Africa.

0
//
PwC Chief Executive (Southern Africa) Dion Shango said:
Companies, representational image, Pixabay

Indian companies have invested over $4 billion in South Africa and created 18,000 direct jobs in the continent’s biggest economy, the Confederation of Indian Industry (CII) said on Sunday

According to a new CII report “Indian Industry’s Inclusive Footprint in South Africa – Doing business, doing good”, prepared jointly with British advisory multinational Pricewaterhouse Coopers (PwC), there are 140 Indian companies operating in South Africa whose contributions go beyond foreign direct investment (FDI) in the country, and include key CSR and skill development initiatives.

“Indian companies operating in South Africa are not just investing funds and creating jobs, but are actively contributing to the upliftment of the communities in which they operate,” a CII release said here.

According to the report, leading Indian companies such as Wipro, state-run Coal India, Cipla, Jindal Steel and Power, Mahindra and Mahindra have recently made investments in South Africa.

According to the report, leading Indian companies such as Wipro, state-run Coal India, Cipla, Jindal Steel and Power, Mahindra and Mahindra have recently made investments in South Africa.
Indian companies invest in South Africa, pixabay

“In the healthcare sector, the entry of Indian pharma companies Ranbaxy and Cipla brought in drastic reduction in the cost of anti-retroviral drugs in South Africa, saving thousands of lives. Indian companies are taking steps to transfer skills to South Africans, particularly in the IT sector,” it said.

Also Read: Over 10 Lakh Bankers to go on Strike, Wants IBA to Improve Offer

In a statement, CII Director General Chandrajit Banerjee said: “The report highlights the journey of the historic and economic relationship between India and South Africa, looking at the key sectors where Indian companies are thriving.”

PwC Chief Executive (Southern Africa) Dion Shango said: “Indian companies are demonstrating their commitment to sustainable development in South Africa across education and healthcare schemes to job creation, agricultural projects and empowering women.”

A focus on ethical business practice comes through in the report, as this is of critical importance for Indian companies operating in South Africa, the statement added. (IANS)

Next Story

Scientists Facilitate The Regulatory Process For Herbal Drugs

A 2017 report by the Confederation of Indian Industry (CII) predicts that the biosimilars market in India, that is currently worth about Rs 15,000 crore, is expected to cross the staggering Rs 2,50,000 crore-mark by 2030.

0
drugs
Documentation and characterisation of Indian herbal drugs and phytopharmaceuticals will lead to a significant usage and their export. Pixabay

Council of Scientific and Industrial Research’s constituent laboratory, the Centre for Cellular and Molecular Biology (CSIR-CCMB), Hyderabad, and the Indian Pharmacopeia Commission (IPC), Ghaziabad, have joined hands to facilitate the regulatory process for biosimilars and herbal drugs, as per a statement here on Sunday.

The scope of the memorandum of understanding (MoU) signed between CSIR-CCMB and the IPC is the development of biopharmaceutical reference standards and impurities therein, development of monographs for important Monoclonal Antibodies and identification of herbal drugs based on DNA Barcode analysis, a CCMB statement said.

Use of biologics – biological products that function as drugs against diseases – also known as biosimilars, are expanding their presence rapidly in the healthcare sector, including in India.

lab

Scientific validation and characterization of herbal drugs will not only help authentication of such drugs but also will bring credibility for this industry, the CCMB added. Pixabay

A 2017 report by the Confederation of Indian Industry (CII) predicts that the biosimilars market in India, that is currently worth about Rs 15,000 crore, is expected to cross the staggering Rs 2,50,000 crore-mark by 2030.

Emergence of biopharmaceutical drugs as a preferred choice for therapy over conventional pharma drugs, requires concerted efforts by various sectors within the country towards production, characterisation and validation of indigenously developed products, the CCMB said.

The agreement was signed by CSIR-CCMB Director Rakesh Mishra and IPC’s Secretary-cum-Scientific Director G.N. Singh.

This collaboration, which has come into force with immediate effect, is very important in the current scenario owing to the increase in use of therapeutic proteins and herbal drugs for various diseases, the statement said.

scientist
Use of biologics – biological products that function as drugs against diseases – also known as biosimilars, are expanding their presence rapidly in the healthcare sector, including in India. Pixabay

Documentation and characterisation of Indian herbal drugs and phytopharmaceuticals will lead to a significant usage and their export.

Also Read: When You Engage in ‘Hedonic Consumption’? Read Here To Find Out

This collaborative project will be executed at par with pharmacopeia standards of other countries, it said.

Scientific validation and characterization of herbal drugs will not only help authentication of such drugs but also will bring credibility for this industry, the CCMB added. (IANS)